Review reshapes entry rules
The change follows completion of the RBNZ’s ESAS Access Review, launched to test whether the long-standing entry rules still suited a finance sector that has evolved considerably since they were written.
Steve Gordon, Financial Market Infrastructure and Settlement (FMI&S) director, said the process had to weigh competing priorities.
“The review balanced the objectives of fostering innovation and competition with maintaining the safety, security, and integrity of the system,” Gordon said in a media release.
He added that the practical effect for newly eligible entities is significant: “ESAS membership now allows approved non-bank entities to settle payments directly in risk-free central bank money without using a commercial bank as an intermediary.”
Nelson Building Society first through the door
The inaugural member is Nelson Building Society, a non-bank deposit taker that has completed system testing and onboarding and is now live, with its status confirmed on the RBNZ’s public ESAS member register.